As I write this, our residents are enjoying the best job market in our county’s history. At the same time, our staff is busier than ever assisting employers in all industry sectors who are finding it very challenging to hire the talent they need.
We set two record low unemployment rates in 2022 and there are two available job openings for every unemployed person in Palm Beach County. Our local job market has outperformed the nation for more than two years as well as the state many times during that period. Total employment has exceeded the pre-Covid peak every month since February 2022!
Indeed 2022 was one for record books! Here are the employment trends we expect to see in 2023:
Palm Beach County will continue to trend better than state, nation: We expect continued strong local job growth through mid-2023 with the most in-demand jobs in the hospitality/tourism, healthcare, and trades/transportation industry sectors.
Creative hiring/recruiting: Besides raising wages and offering signing/retention bonuses, employers have been offering perks such as flexible work schedules, 4-day work weeks, full or part-time work from home, childcare and other benefits. Employers also are turning to less experienced workers, people with minor criminal backgrounds, and foreign workers to help fill staffing gaps.
Flexible work environment: In-person, hybrid, and remote work will continue as popular arrangements to meet business needs. Surveys show that employees like the idea of eliminating or reducing commuting costs along with lower spending on meals, entertainment, personal services and shopping.
Growth in AI/automation: With employers being forced to operate with fewer workers in many industry sectors, the use of artificial intelligence/automation will continue to increase. Online commerce is increasing along with more self-serve activities such as the use of kiosks for ordering food, hotel check-in, etc. eliminating several routine jobs.
CareerSource provides services to help businesses in today’s challenging marketplace. We absorb the cost of most of these services including recruitment, assessments, and referrals of qualified job candidates; space and staff assistance for screening/interviewing candidates; and grants for training employees. For more information, I invite you to contact our Business Services account managers at www.careersourcepbc.com.
The December unemployment rate for Palm Beach County is now a record low at 2.2%, which matched the state rate and lower than the nation at 3.3% (all numbers not seasonally adjusted). This is a positive local job recovery with 34,254 open jobs, compared to 16,661 unemployed residents. That’s more than two jobs available for every unemployed person.
With local job openings in December at over 34K, and not enough job seekers to fill them (reported at 16K in Dec), economists say that even more money and flexibility will not stop record turnover of the currently employed for better opportunities (Quit Rate).
The local labor force was over 768K in December, total nonagricultural employment in the county is 683,800 adding 21,700 jobs over the year, a 3.3% gain. The biggest December local employment increase over the year was in the Leisure/hospitality sector at 10.3% (+9,200) compared over the year to December of 2021.
What are the positive aspects of the current labor market in Palm Beach County?
1. Job Growth: Palm Beach County has experienced job growth in several industries, including leisure and hospitality, manufacturing, education, and healthcare, which has led to an increase in employment opportunities.
2. Strong Tourism Industry: The county is a popular tourist destination, which has supported the growth of the hospitality and tourism industry, creating jobs in hotels, restaurants, and other tourist-related businesses.
3. Diversified Economy: The county has a diversified economy, which helps to reduce the impact of economic downturns in any one industry. This has led to a more stable job market for residents.
4. High Demand for Skilled Workers: There is a high demand for skilled workers in the county, particularly in fields such as healthcare, technology, and engineering. This has led to increased opportunities for workers with advanced training and education.
5. Competitive Wages: Many of the job opportunities in the county offer competitive wages and benefits, making it an attractive place to live and work for many people.
6.Making the move, from hedge funds to Fortune 500 companies, big businesses are continuing to relocate to Palm Beach County and the South Florida market.
How to overcome the challenges of labor shortages in Palm Beach County
1. Automation: Adopting technology and automation can help businesses to increase productivity and reduce their dependence on human labor.
2. Offer Competitive Wages and Benefits: Offering higher wages and better benefits can help to attract and retain employees.
3. Training and Development: Providing training and development opportunities can help employees to acquire new skills and improve their job performance, which can increase efficiency and productivity.
4. Internships: Companies should hire interns to gain valuable support for their business and its existing employees. Internships allow companies to invest in their own future success and perhaps discover new talent and future leaders. The interns may decide to join the company based on the exposure they gain working.
5. Employee Retention Programs: Implementing programs to retain employees can help to reduce turnover and keep valuable workers.
6. Recruitment and Hiring Strategies: Re-evaluating recruitment and hiring strategies can help businesses to attract a wider pool of candidates, including those who may have previously been discouraged from entering the labor market.
7. Remote Work: Offering remote work or blended options can help businesses to attract and retain employees who are looking for more flexibility.
8. Partnerships and Collaboration: Collaborating with other businesses, educational institutions, and community organizations such as CareerSource Palm Beach County can help address labor shortages by creating new training and employment opportunities.
This regional outlook explains why we at CareerSource Palm Beach County are focusing our efforts to find and support those in need of workforce training, or those in need of industry required skill upgrades.
See our website www.careersourcepbc.com for more information on our grants programs for your business that support these efforts.
Can your business use a young adult intern for up to 12 weeks – all paid for by CareerSource Palm Beach County?
Our Young Adult Internship Program provides meaningful work experience and mentoring to youth and young adults ages 16 - 24 who have little to no work experience. They will get the opportunity to learn about a profession. Employers commit to providing a meaningful work experience and the necessary training for the intern to ensure their success in the internship.
Not-for-profit, private, and public organizations in all industries can participate, and all at no-cost to employers. Interns are carefully matched with worksites based on their skills, interests, abilities, and career goals, as well as based on the employer’s needs/preferences. Other factors considered include worksite location, transportation needs, and other barriers.
Interns are paid $12 per hour and the State of Florida covers liability and workers compensation.
What’s not to like? Applying is easy at our website www.careersourcepbc.com (click on Youth Services on the homepage) or call us at 561-340- 1060 x. 2141. We’ll discuss what your business/organization does and the types of jobs available for the young adults. A site visit and MOU are required upon approval, as well as an orientation. CareerSource PBC representatives will conduct site visits periodically to evaluate the intern’s skills, their progress, and any workplace issues. Visits are scheduled with employers at mutually convenient times during work hours.
Our annual State of the Workforce Report for program year 21-22 has been completed and is now available on our website at this link: State of the Workforce 21-22[28] (flipsnack.com)
The report provides a complete picture of the characteristics of Palm Beach County’s workforce from size, education and training to wages, employers, and key industry sectors. There also are sections on remote worker trends, in-demand jobs, and Florida’s REACH Act, a comprehensive blueprint for enhancing access, alignment, and accountability across the state’s workforce development system.
“It’s important to understand who we are serving so that we are best able to plan and provide even more effective programs and services,” said President/CEO Julia Dattolo. “That’s what this report is all about – to provide a comprehensive look at who our residents and employers are, their needs and the challenges they face now and in the future.”
The Business Development Board's Palm Beach County Business magazine is recognized as the quarterly business portrait showcasing local influencers and news in the county. Each quarter CareerSource Palm Beach County participates and this issue focuses on how CareerSource Palm Beach County helped Tim Schuam jump back into the job hunt and how we assisted the BDB find talent of their own!
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